US-based digital business insurance platform Embroker has secured $28m in a series B round that included XL Innovate, the venture capital arm of insurance firm XL Catlin, VentureBeat has reported.
VC firm Tola Capital led the round, investing alongside Canaan Partners, Bee Partners, Manulife Capital Ventures and Nyca Partners. The company has now raised a total of $42m in funding.
Founded in 2015, Embroker operates an online brokerage that connects technology companies and startups with insurance policies from more than 50 commercial carriers, such as The Hartford and Travelers.
Users can track their claims in real time, customise their policies to fit specific verticals and projects, track expired policies and receive alerts concerning regulatory changes.
Canaan Partners led Embroker’s $12.2m series A round in 2016, which also featured XL Innovate and Nyca, as well as a debt facility from Silicon Valley Bank. The company had previously collected $2.2m in a 2015 seed round featuring undisclosed investors.
Matt Miller, founder and chief executive of Embroker, told VentureBeat: “Business insurance has been painful and inefficient for far too long. We are incredibly excited to offer something that is unequivocally better, faster and cheaper.
“We are proud of how much time and money our customers have saved and thrilled to have the support and capital needed to further accelerate our growth.”